On 1 March, 2017, the prospect of a groundbreaking agricultural investment of Saudi Arabia in Nigeria was met with enthusiasm and hope. The proposed Agric City in Kwara State, envisioned by the Saudi Investment Company, Zain Al-Abdin group, held the promise of creating millions of jobs and boosting the agricultural sector. Unfortunately, due to the carelessness of Nigerian officials, this initiative was marred by delays, resulting in a lost opportunity for the country’s economic growth.

The vision of the Agric City was one of immense potential, with plans to establish a cluster of farms specialising in rice, maise, and vegetable cultivation, processing, and export. The venture aimed to offer comprehensive facilities, including schools, hospitals, shops, and other essential services, making it a holistic investment that could have significantly contributed to Kwara State’s development.

The Chairman of the investment group, Zain Nafawi, expressed the Saudi Arabian government’s support for investing in agriculture globally, particularly in Africa. The choice of Kwara State for this ambitious project was well-founded, considering the region’s successful track record in large-scale agricultural investment, exemplified by the Shonga farm initiative. Additionally, the favourable weather conditions and arable land along the River Niger further strengthened Kwara’s suitability for the venture.

However, despite the promise and backing of Saudi Arabia, the carelessness of Nigerian officials and bureaucractic red tape hindered the project. The delay in completing the necessary paperwork became a significant roadblock, leading to the stagnation of the multimillion dollar investment. While Saudi investors were keen on seizing the opportunity, the Nigerian side failed to match their enthusiasm with efficient administrative procedures, thus jeopardising a chance at prosperity and progress.

Fast forward to the present day, with a new administration in Nigeria, there is a glimmer of hope for recovering this missed opportunity. The Nigeria-Saudi Chamber of Commerce, committed to promoting bilateral trade and investment, stands ready to reignite discussions with the Saudi Investment Company and move the Agric City project forward. The potential to create millions of jobs and boost the agricultural sector remains as enticing as ever, and the Nigerian government must seize this second chance.

The new administration must learn from past mistakes and demonstrate a proactive approach to welcoming foreign investments. By streamlining bureaucratic processes, offering necessary support, and ensuring a conducive business environment, Nigeria can prove its commitment to diversifying the national economy through agriculture.

Governor Abdulfatah Ahmed’s welcoming stance towards the initial project showcased the state’s eagerness to embrace such investments. Now, with the Nigeria Saudi Chamber of Commerce eager to revive the opportunity, the state and federal authorities must collaborate effectively and rekindle the potential of the Agric City.

In conclusion, Nigeria’s failure to capitalise on the Saudi Arabian agricultural investment opportunity in 2017 was a missed chance for economic growth and job creation. However, with a new administration and the Nigeria Saudi Chamber of Commerce’s willingness to revive the project, there is hope for a brighter future. Nigerian officials must reflect on past mistakes and work diligently to create an enabling environment for foreign investors, seizing this second chance to drive the nation’s economic progress through agriculture.

Abubakar Adamu, an assistant professor of Economics, currently lectures with the Institute of Public Administration in Riyadh.